A bank at every corner store: agency banking is transforming Nigerian business

Rest Of World

Agency banking, also called agent banking, delivers essential financial services to customers through a network of third-party agents on behalf of a licensed financial institution or a mobile money operator. So instead of traveling to far-off metropolitan areas to withdraw money, users can reach out to an agent banker, deputized by a large financial institution or phone company, to provide access to cash withdrawals, deposits, and transfer funds.

“Agency banking is really a distribution channel for last-mile delivery,” said Raliat Sunmonu, vice president of the Middle East and Africa Program Management at Accion, a global fintech impact investor.

Read more from Accion’s Raliat Sunmonu in this Rest Of World article on Nigeria’s growing agency banking sector.

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